Volatility: Where did we end up today?

Yesterday the VIX and RVX both formed topping tails on the daily charts. We wanted to see how today's candle's closed to see if the topping tails were confirmed.

Today's candle on the RVX did clear and close below yesterday's candle which so far is confirming yesterday's topping tail. (Mildly short-term bullish)

The VIX was not so lucky, and today's bar closed above yesterday's "body," but not above the entire candle. (Neutral)

Both charts remain above the 8 period moving average, so the uptrend is still intact for both of these indices suggesting that high levels of fear are still in the market.

RVX Daily Chart:




VIX Daily Chart: